CBRE COMPLETES SALE OF 100-UNIT AFFORDABLE HOUSING COMMUNITY IN SOUTH DALLAS
17 Jan 2018
CBRE announces the sale of Rosemont at Timber Creek, a 100-unit multifamily community in Dallas. Dominium Development and Acquisition purchased the asset from Cascade Affordable Housing for an undisclosed price.
“As new distribution centers in South Dallas are creating more jobs, multifamily occupancy has remained steady and the submarket has seen a resurgence in interest from investors. Rosemont at Timber Creek offers a newly built property with large units that cater to families, which is in line with the jobs in the area,” said Mr. Deuillet, senior vice president, CBRE.
Rosemont at Timber Creek, at 801 Beckleymeade Avenue, was built in 2003 and features a mix of two- and three-bedroom townhouse-style floor plans. It was 99 percent occupied at closing and will continue to operate under the Low-Income Housing Tax Credit (LIHTC) program with 60 percent of the units limited to residents who earn 60 percent of area median income or lower.
Community amenities include a swimming pool, playground, club house, fitness center, business center and gated access.
CBRE Affordable Housing is a specialty group within CBRE Group, Inc. that combines investment sales, debt and structured finance, and investment banking into a fully integrated service offering for clients in the affordable housing industry. They have closed over $15.2 billion dollars in sales and financing since 2001 and have conducted transactions in all 50 states and Puerto Rico.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.